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Name: Frank Curtin |
| City: Grapevine |
| State: TX |
| Country: US |
| Company: The Smart Guides LLC |
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Check this out... The old limit was $100K!
Raises the FDIC insurance limit to $250,000 through Dec. 31, 2009. It also expands the ability of the FDIC to borrow from the Treasury to cover any shortfall in the deposit insurance fund and it prevents the FDIC from raising premiums to cover the expanded insurance coverage though it remains free to raise rates for existing coverage. CBO estimates the FDIC would end up insuring about $700 billion in additional deposits with the change.
Effective Date: This became effective upon the president’s signature and the FDIC late on Friday formally notified banks about the expanded coverage.